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Committee adopts consumer protections for virtual-currency kiosks, approves HB 2515 as amended
Summary
The committee passed HB 2515, adding consumer protections for virtual-currency kiosks to the Kansas Money Transmission Act; an attorney-general-sponsored amendment caps initial transactions at $2,000 and requires a police report or sworn declaration for certain refund claims.
The House Committee on Financial Institutions and Pensions passed HB 2515 as amended, a bill that adds consumer-protection rules for virtual-currency kiosks to the Kansas Money Transmission Act.
David (revisor) said the bill would require disclosures at kiosks, add anti-fraud measures, cap direct and indirect charges including spread fees, set transaction limits, govern refund procedures, and authorize law-enforcement and the attorney general’s office to investigate alleged fraudulent money transmissions.
Representative Swalley offered an attorney-general-sponsored amendment clarifying that the initial transaction would be capped at $2,000 and that refund requests tied to spread fees must be accompanied by either a police report or a sworn declaration. David explained the amendment would align initial-transaction language with the rest of the statute and clarify the documentary requirement for refunds.
The amendment was seconded and adopted by the committee. Vice Chair Steen moved that the committee pass HB 2515 out of committee as amended; the motion was seconded and carried on a voice vote. The chair thanked stakeholders including AARP for assistance drafting consumer protections.
